Facebook scandal was too much: Cambridge Analytica shuts down
The British-based company and its affiliate, SCL Elections, are filing insolvency proceedings in Britain and bankruptcy proceedings in the United States.
Cambridge Analytica said a "siege of media coverage" of its dealings with Facebook has driven away customers, leaving the business no longer viable. It said reports about how it obtained and used Facebook user data were unfounded.
"Despite the company's efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas," the company said in a statement.
Cambridge University academic Aleksandr Kogan and his company Global Science Research used the quiz app "This Is Your Digital Life" to gather data on users - and the users' friends, who did not participate in the quiz - which it then shared with Cambridge Analytica.
The company used demographic information from the data to target political advertising. ■